OFT launches official probe into UK bank fees

The UK's Office of Fair Trading has launched a formal probe into the level of fees paid by companies seeking to raise equity finance on the stock market.

Its investigation follows a preliminary investigation lasting 18 months. The OFT said companies raised equity finance totalling £70bn in the UK in 2009 and paid fees totalling £2bn: "There is some dissatisfaction with these services among corporate users," an OFT statement said.